Trading Symbol: PIH
NELSON, BC, Sept. 28, 2012 /CNW/ - Pacific Insight Electronics Corp.
(the "Company" or "PI") (TSX: PIH) announced today the results for the
fourth quarter and year ended June 30, 2012.
Sales for the fourth quarter ended June 30, 2012 were $10.861 million,
an increase of 28% from $8.465 million for the comparative quarter
ended June 30, 2011. Sales for the year ended June 30, 2012 were
$38.569 million, an increase of 18% from $32.783 million for the
comparative period ending June 30, 2011.
During the year, PI increased its presence in the automotive industry by
investing in new machinery and personnel thus enhancing the Company's
production capacity and increasing resources focussed on developing new
business. However, higher costs of manufacturing, continued foreign
exchange pressures and PI's increased investment in the overall
operations and development of the business affected this year's
profitability. The Company overcame a 7¢ loss per share in the first
quarter and recorded a net 1¢ loss per share over the remaining three
quarters to post an 8¢ loss per share for the year.
Fourth quarter results reported a net loss of $124,000 or 2¢ per share
compared with net loss of $19,000 or 0¢ per share in the prior year
fourth quarter. The net loss for fiscal year 2012 was $482,000 or 8¢
per share compared with net income of $163,000 or 3¢ per share in the
The Company continues to actively pursue cost control measures and
economies of scale to drive profitability. Despite the rapidly changing
business climate, PI anticipates further growth in 2013.
Pacific Insight Electronics Corp. (PI) designs, manufactures and
delivers electronic products and full service solutions to the heavy
truck, automotive and specialty markets. PI designs and distributes its
products and services to original equipment manufacturers and
distributors in the United States and Canada.
The information in this news release was prepared in accordance with
International Financial Reporting Standards ("IFRS"). To view the full
June 30, 2012 Audited Consolidated Financial Statements and Management
Discussion & Analysis please visit www.sedar.com.
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RESPONSIBILITY FOR THE INFORMATION CONTAINED HEREIN.
SOURCE: Pacific Insight Electronics Corp.
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